Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TFSL	TFS FINL CORP	2,141,678	$30.54M	11.3%	$5.83	+19.1%	COM	87240R107
—	SYNOVUS FINL CORP	477,171	$11.63M	4.3%	$24.38	—	COM NEW	87161C501
PFBC	PREFERRED BK LOS ANGELES CA	448,148	$10.59M	3.9%	$17.08	+36.0%	COM NEW	740367404
—	YADKIN FINL CORP	529,132	$9.969M	3.7%	$14.04	—	COM	984305102
SBNY	SIGNATURE BK NEW YORK N Y	75,000	$9.464M	3.5%	$126.19	—	COM	82669G104
FITB	FIFTH THIRD BANCORP	442,300	$9.443M	3.5%	$11.78	+21.3%	COM	316773100
BAC	BANK OF AMERICA CORPORATION	508,100	$7.809M	2.9%	$10.20	+20.0%	COM	060505104
—	FIRSTMERIT CORP	358,990	$7.09M	2.6%	$20.03	—	COM	337915102
—	M & T BK CORP	135,900	$6.819M	2.5%	$38.00	—	*W EXP 12/23/201	55261F112
COF	CAPITAL ONE FINL CORP	81,300	$6.715M	2.5%	$47.00	+34.2%	COM	14040H105
SFBS	SERVISFIRST BANCSHARES INC	73,000	$6.309M	2.3%	$12.28	0.0%	COM	81768T108
IBCP	INDEPENDENT BANK CORP MICH	479,237	$6.168M	2.3%	$5.85	+50.9%	COM NEW	453838609
C	CITIGROUP INC	126,400	$5.953M	2.2%	$35.76	-1.0%	COM NEW	172967424
WFC	WELLS FARGO & CO NEW	109,000	$5.729M	2.1%	$27.36	+32.7%	COM	949746101
—	FIRST NBC BK HLDG CO	159,461	$5.344M	2.0%	$26.70	—	COM	32115D106
HAFC	HANMI FINL CORP	252,203	$5.316M	2.0%	$15.99	+37.2%	COM NEW	410495204
RF	REGIONS FINL CORP NEW	486,900	$5.171M	1.9%	$5.80	+21.2%	COM	7591EP100
PGC	PEAPACK-GLADSTONE FINL CORP	242,248	$5.138M	1.9%	$16.94	+6.1%	COM	704699107
—	BNC BANCORP	299,600	$5.114M	1.9%	$11.42	—	COM	05566T101
—	ANCHOR BANCORP WA	243,603	$4.65M	1.7%	$17.29	—	COM	032838104
FBP	FIRST BANCORP P R	826,000	$4.493M	1.7%	$4.40	-2.5%	COM NEW	318672706
—	WILSHIRE BANCORP INC	433,900	$4.456M	1.6%	$6.62	—	COM	97186T108
ABCB	AMERIS BANCORP	199,800	$4.308M	1.6%	$18.49	+1.3%	COM	03076K108
—	FOX CHASE BANCORP INC NEW	240,968	$4.063M	1.5%	$17.15	—	COM	35137T108
—	BSB BANCORP INC MD	231,606	$3.974M	1.5%	$13.15	—	COM	05573H108
—	FIRST MIDWEST BANCORP DEL	232,200	$3.954M	1.5%	$13.72	—	COM	320867104
—	MERIDIAN INTERSTAT BANCORP I	149,600	$3.842M	1.4%	$18.83	—	COM	58964Q104
—	SOUTHWEST BANCORP INC OKLA	222,252	$3.792M	1.4%	$13.20	—	COM	844767103
HFWA	HERITAGE FINL CORP WASH	228,246	$3.672M	1.4%	$14.74	+10.2%	COM	42722X106
—	CHEMICAL FINL CORP	130,000	$3.65M	1.3%	$28.08	—	COM	163731102
JPM	JPMORGAN CHASE & CO	62,700	$3.613M	1.3%	$36.24	+13.7%	COM	46625H100
—	COMMUNITY BANKERS TR CORP	788,900	$3.455M	1.3%	$3.67	—	COM	203612106
—	COMMUNITY WEST BANCSHARES	462,635	$3.077M	1.1%	$4.89	—	COM	204157101
BMRC	BANK OF MARIN BANCORP	65,458	$2.984M	1.1%	$13.79	+15.1%	COM	063425102
MBWM	MERCANTILE BANK CORP	127,492	$2.917M	1.1%	$12.77	+1.8%	COM	587376104
—	FIRST BANCSHARES INC MS	202,841	$2.88M	1.1%	$12.93	—	COM	318916103
BANR	BANNER CORP	68,277	$2.706M	1.0%	$27.65	-1.7%	COM	06652V208
KINS	KINGSTONE COS INC	392,200	$2.616M	1.0%	$4.55	+13.1%	COM	496719105
FFBC	FIRST FINL BANCORP OH	150,386	$2.588M	1.0%	$9.47	+14.4%	COM	320209109
—	SVB FINL GROUP	22,000	$2.566M	0.9%	$116.64	—	COM	78486Q101
—	OMNIAMERICAN BANCORP INC	102,503	$2.563M	0.9%	$24.38	—	COM	68216R107
OSBC	OLD SECOND BANCORP INC ILL	506,800	$2.519M	0.9%	$4.39	0.0%	COM	680277100
—	BRIDGE BANCORP INC	100,200	$2.404M	0.9%	$26.00	—	COM	108035106
—	FIDELITY SOUTHERN CORP NEW	184,629	$2.398M	0.9%	$12.37	—	COM	316394105
—	STONEGATE BK FT LAUDERDALE F	88,916	$2.241M	0.8%	$25.20	—	COM	861811107
—	OLD POINT FINL CORP	145,057	$2.232M	0.8%	$13.03	—	COM	680194107
—	PACIFIC PREMIER BANCORP	149,500	$2.106M	0.8%	$12.22	—	COM	69478X105
—	FIRST SEC GROUP INC	949,200	$2.06M	0.8%	$2.17	—	COM NEW	336312202
—	GUARANTY FED BANCSHARES INC	159,300	$1.991M	0.7%	$12.82	—	COM	40108P101
EFSC	ENTERPRISE FINL SVCS CORP	105,100	$1.898M	0.7%	$12.10	+24.6%	COM	293712105
—	HERITAGE OAKS BANCORP	232,589	$1.775M	0.7%	$7.93	—	COM	42724R107
—	CU BANCORP CALIF	90,239	$1.721M	0.6%	$15.80	—	COM	126534106
—	PACIFIC CONTINENTAL CORP	122,200	$1.678M	0.6%	$11.80	—	COM	69412V108
WSBF	WATERSTONE FINL INC MD	115,939	$1.323M	0.5%	$10.72	0.0%	COM	94188P101
—	VANTAGESOUTH BANCSHARES INC	200,000	$1.19M	0.4%	$7.03	—	COM	92209W105
—	CENTER BANCORP INC	52,600	$1.011M	0.4%	$19.00	—	COM	151408101
WTFC	WINTRUST FINL CORP	20,422	$939K	0.3%	$36.77	+23.3%	COM	97650W108
EWBC	EAST WEST BANCORP INC	25,109	$879K	0.3%	$26.92	-0.9%	COM	27579R104
RNST	RENASANT CORP	27,200	$791K	0.3%	$23.18	+21.2%	COM	75970E107
CBSH	COMMERCE BANCSHARES INC	13,770	$640K	0.2%	$21.59	+13.7%	COM	200525103
INBK	FIRST INTERNET BANCORP	29,200	$602K	0.2%	$24.39	-12.0%	COM	320557101
—	MAINSOURCE FINANCIAL GP INC	29,400	$507K	0.2%	$16.15	—	COM	56062Y102
SFNC	SIMMONS 1ST NATL CORP	9,900	$390K	0.1%	$12.60	+54.2%	CL A $1 PAR	828730200
—	CONNECTONE BANCORP INC	7,346	$366K	0.1%	$49.02	—	COM	20786U101
—	BANCORPSOUTH INC	10,100	$248K	0.1%	$17.67	—	COM	059692103